At the Bitcoin 2022 conference in Miami, Florida, Cathie Wood reiterated her favorable outlook on bitcoin. The CEO of Ark Invest predicted that the cryptocurrency will reach $1 million by 2030.
The world’s greatest gathering of crypto intellectuals and entrepreneurs. Bitcoin 2022 Miami, is taking place in Miami, Florida. It will be held in the Miami Beach Convention Center from April 6 to 9 and has already drawn over 35,000 registrants and over 7 million live stream viewers from all over the world.
We feel bitcoin is only getting started. In terms of BTC adoption, institutions are only now catching up to individuals,” she noted.
During her Miami presentation, Wood relayed the high-level forecast from her company’s Big Ideas 2022 study. The cryptocurrency’s lofty price target was contained by this.
Cathie Wood Mentioned Bitcoin Price Objective
Wood stated, “Bitcoin’s price target for 2030 is greater than a million dollars per bitcoin.”
According to Wood:
Bitcoin is the first open-source, private digital rules-based monetary system in the world.
It’s a really huge notion,” the investor said during her “The Future is Bright” conference, which she co-hosted with MicroStrategy CEO Michael Saylor, another prominent proponent of cryptocurrency.
The world’s most valuable cryptocurrency is a “hedge tactic against inflation.“
She failed to mention, however, that the digital asset has lost 27 percent of its value in the last year as inflation has risen.
In the year leading up to February of the current year, consumer prices rose by nearly 8%. Wood’s forecast implies a 25-fold increase in BTC’s current price of $38,094.
Wood stated that 70% of crypto investors hold their investments for the long term, equating to around 13.6 million units out of a total of over 20 million units. She pointed out that Bitcoin, which has an $830 billion market valuation, has seen a tenfold rise in liquidity. “That’s just a taste of what’s to come.
While the cryptocurrency’s market cap topped $1 trillion in 2021. Ark’s analysis indicated that the cryptocurrency’s network fundamentals “remained healthy. According to Ark analyst Yassine Elmandjra in a recent paper. Institutional investors, on the other hand, are growing their exposure to Bitcoin Elmandjra.
She continued:
Bitcoin’s institutional holder base appears to be growing. Following the launch of more regulated products and adoption by businesses and governments.
At the time of writing, The price of Bitcoin is $42,457.90 USD today, with a 24-hour trading volume of $26,315,338,557 USD. In the previous 24 hours, Bitcoin has lost 2.53% of its value.
Also Read: How Long does Bitcoin Last Once all 21M have been Mined?
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